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Deferred Compensation
Email

200 E. Santa Clara St.
San Jose, CA 95113

Phone: (408) 975-1465
Fax: (408) 999-0862

Hours
Monday - Friday
8:00 a.m. - 5:00 p.m.

Voluntary Deferred Compensation plan

The City of San Jose has multiple Plans to assist employees in retirement savings. The Voluntary 457 Deferred Compensation plan provides a convenient way for City employees to save money for retirement with pre-tax earnings.  457 Plans are a governmental deferred compensation plan defined by Section 457(b) of the Internal Revenue Code. This voluntary plan allows employees to supplement any existing retirement or pension benefits.  All City employees are eligible to participate. For more details, please refer to the Plan Overview

How to Enroll

Before Enrolling in the plan, you should:

There are several ways to enroll in the plan. You can choose from any one of the following methods:

  • Complete the EZ Enrollment Participation Form. You will need to include basic information, elected deferral amount, and designated beneficiary(ies). Your investment choice will be automatically set to one of the life-cycle portfolios based on your date of birth; however, investments can be changed at any time once enrolled by logging in to your account or calling Voya.
  • Meet with your Voya local representative. Review your personal situation and get help in completing the enrollment paperwork.
    • Representatives are in Human Resources each Wednesday from 9:00 a.m. to 3:00 p.m. and other locations at scheduled times or by appointment. 
      OR 
    • Contact your local Voya representative to make an appointment:
      • If you are an employee in the Airport, Police, Library, Parks, Recreation & Neighborhood Services, or Transportation, please contact:
      • For employees in all other departments, please contact:
  • Online Enrollment. You can complete the enrollment process online, including selecting your investment choices.

Already enrolled? Manage your Account

Via Web
Log in to your account: sanjose.beready2retire.com

  • Account inquiries
  • Contribution amount changes
  • Investment allocation changes
  • Transfers among investment options
  • Investment option performance history
  • Beneficiary Designation Updates and verification

By Phone
Voya's toll free telephone line, (800) 584-6001, features:

  • Customer Service is available Monday-Friday 5:00 a.m. - 6:00 p.m. (Pacific Time).
  • 24 hour, 7 day a week toll-free participant account balance information, investment allocation changes, and transfers (via an automated voice response system)
  • Same day processing of fund transfers and investment allocation changes if the request is received in good order before the close of the New York Stock Exchange, generally 1 PM Pacific Time.
  • Spanish speaking representatives are available

Contribution Changes

The annual contribution limit for 2020 is $19,500. You can elect pre or post tax amounts to be deferred in flat amounts or as a percentage of your income. 

Need Help?  See How to make a contribution change flyer

When will my change be effective?  All new enrollments and contributions changes become effective the 1st pay period following the month in which the change was made.  You can stop contributions anytime. The Contribution Change Calendar will help identify what pay period your change will become effective.  

Special Programs and Options

Catch Up Programs

  • 50+ Catch Up: This catch up program allows employees 50 or older the ability to defer an additional amount annually.  In 2020 the additional 50+ catch up amount is $6500 (total of $26,000).  Employee limits are automatically updated in the City's payroll system within the year the employee turns 50; however, employees must log-in or call Voya to update contribution amounts to take advantage of this special program.
  • Special Catch Up: This catch up program allows employees who are within 3 years of retirement to defer up to two times the annual maximum for the 3 years preceding their separation/retirement from City service.  Eligibility must be determined prior to enrollment.  Please contact your local Voya representative to find out if and how much catch up you are eligible for.  The Catch-up Enrollment Form will then be submitted to Human Resources for processing. 
  • Military Service Catch-Up Provision: The Uniformed Service Employment and Re-employment Act of 1994 (USERRA) provides members of the uniformed service with certain rights regarding employment, retirement and pension benefits, and health benefit coverage. USERRA protects employees who leave for and return from uniformed service within a five-year period, including the reserves of any of the U.S. Armed Services, if certain requirements are met. Missed contributions due to military service can be arranged for deposit into the Deferred Compensation Account after returning to City employment. Please contact your local Voya representative for further information.

Loans

There are two types of loans available; General Purpose and Residential. General purpose loans can be used for any reason and have a maximum repayment period of 5 years. Residential loans must be used for the purchase of your primary residence and have a maximum repayment period of 20 years. The City’s loan program allows for a maximum of one of each type of loan to be outstanding at any one time.

  • What is the loan process?  Call Voya® at (800) 584-6001 to request a loan.  Voya customer service reviews your account and generates the paperwork based on your request and the terms of the City’s loan program. The paperwork can be mailed, faxed or electronically delivered for online access.  You review, complete and sign the loan documents. The documents can be faxed or mailed to Voya. Loan proceeds can be directly deposited or a check can be mailed. A confirmation statement including an amortization schedule is available online. Approximately two months following the distribution of the loan proceeds, the first loan repayment will be deducted from your paycheck.
  • What else should I consider? 

Hardship Withdrawals

Withdrawals from 457(b) deferred compensation plans are restricted by the Internal Revenue Code and Internal Revenue Service (IRS) rules. While you are employed, your employer may permit you to take a withdrawal from your 457(b) plan due to an unforeseeable emergency. All unforeseeable emergency withdrawal requests will be reviewed in accordance with the plan’s procedures for a determination as to whether the withdrawal is permitted. IRS guidelines, summarized below, will be used in making this determination. Call Voya® at (800) 584-6001 to request a Unforeseeable Emergency Withdrawals

Self-Directed Brokerage Option

The TD Ameritrade Self Directed Brokerage Account(SDBA) available to you as an additional investment option available through the City's Voluntary 457 Plan. This option gives you the
freedom to invest a portion of your plan assets in a self-directed brokerage account that provides access to a wider array of investment choices, including open-end mutual funds, fixed income securities, exchange-traded funds (ETFs) and publicly traded stocks. For more information, please refer to the Self Directed Brokerage Participant Guide and Self Directed Brokerage Commissions and Service Fees informational flyers.

Divorce

Participants and council may be required to work with the City and Voya as it relates to Qualified Domestic Relations Orders(QDROs).  Please refer to the Divorce Information to assist with this process and contact Human Resources for further assistance. 

Leaving City Service?

If you are approaching retirement, or separating from the City, the Distribution Overview will help you understand the process.  

Current participants leaving City service with paid leave balances may request to defer any applicable Vacation, Sick, and Comp time.  You must complete the Leave Payout Deferral Form before your last day of employment if you want any leave payout to be deferred.

For further assistance please contact your local Voya representative.

For Further information:

Contact your local Voya representative or Human Resources.

  • Local VOYA representatives hold open office hours for drop-in every Wednesday, 9am-3pm (with lunch 12pm-1pm) in City Hall Tower, 4th Floor.
    OR 
  • Contact your local Voya representative to make an appointment:
    • If you are an employee in the Airport, Police, Library, Parks, Recreation & Neighborhood Services, or Transportation, please contact:
    • For employees in all other departments, please contact:
  • Human Resources is located at City Hall, 4th Floor Tower. 

     

     For information on what it "costs" to participate, please see Direct Fees and Indirect Fees disclosure documents.